近日，山东省保险行业协会公布2024年度山东保险业通讯工作先进单位评选结果，中荷人寿山东省分公司 凭借出色的宣传工作表现，从众多参选单位中脱颖而出，荣获"2024年度通讯工作先进公司" 奖项。这份荣 誉不仅是对中荷人寿山东省分公司过去一年宣传工作的高度肯定，更是激励其继续深耕行业宣传、传递保 险温度的强劲动力。 不仅如此，中荷人寿山东省分公司始终将社会责任扛在肩上，以实际行动践行保险行业使命。持续推动蜜 丝会、蜜堂时课等特色品牌项目，为客户提供高品质增值服务。开展保蓓公益行、爱心助学、精准扶贫等 一系列公益活动，用爱心与行动温暖社会。每一次品牌服务与公益脚步的迈出，都是对企业责任的有力诠 释，彰显着中荷人寿山东省分公司回馈社会的拳拳之心。 荣誉既是终点，更是新的起点。未来，中荷人寿山东省分公司将以此次获奖为动力，继续深耕信息宣传与 品牌建设。在提升品牌传播广度与深度上持续发力，以更优质的内容、更创新的形式，讲述保险行业好故 事，为山东保险业高质量发展注入更多活力。 中荷人寿山东省分公司将信息宣传工作视为塑造品牌形象、传递行业价值的重要抓手，积极构建多元化宣 传矩阵。2024年，中荷人寿山东省分公司不断拓宽宣传 ...

Summary of the Conference Call for稳健医疗 Company Overview - **Company Name**: 稳健医疗 (Steady Medical) - **Business Segments**: The company operates in two main segments: consumer products (52% of revenue) and medical supplies (48% of revenue) as of Q1 2025. The consumer products segment contributes approximately 60% to the overall operating profit margin [2][3]. Financial Performance - **Revenue Growth**: From 2013 to 2019, the company achieved a revenue growth rate of 24%, primarily driven by the consumer products segment. In Q1 2025, both medical supplies and consumer products segments returned to double-digit growth [2][5]. - **Profitability**: The company expects a 50% year-on-year increase in net profit attributable to the parent company in 2025, with the medical segment projected to grow by approximately 38% [4][19]. Market Dynamics - **Market Size**: The market for wet and dry cotton wipes is valued at over 10 billion yuan, with an expected growth rate of about 7%. The sanitary napkin market is around 100 billion yuan, with a projected retail price increase of about 3% in the coming years [2][6]. - **Market Share**: 全棉时代 (Cotton Era) holds over 15% market share in the facial towel category, while the overall market share of the company exceeds 20%, maintaining the leading position in this category [2][6]. Product Performance - **Core Products**: The core products, including dry and wet cotton wipes and sanitary napkins, have shown significant growth. The sanitary napkin brand, 奈斯公主 (Nice Princess), experienced over 70% year-on-year revenue growth in Q1 2025 [2][7][11]. - **Innovation**: The company introduced a hanging cotton wipe product, which significantly boosted market performance despite being a minor innovation [10]. Consumer Education and Brand Strategy - **Consumer Education**: The company emphasizes consumer education to enhance awareness of the quality and safety of cotton products, which has led to a recovery in double-digit growth for dry and wet cotton wipes [8][9]. - **Brand Positioning**: As a pioneer in the market, the company has established a strong brand identity, leveraging its unique product offerings and consumer education to differentiate itself from competitors [9][20]. Sales Channels - **Channel Distribution**: The consumer products segment has a channel distribution of approximately 60% online and 40% offline. The online sales have been particularly strong on platforms like Douyin [12][13]. - **Store Expansion**: The company operates 487 stores, with plans to open about 50 new stores annually while adjusting the store structure to improve performance [14]. Competitive Landscape - **Market Competition**: The low-value medical consumables market is highly competitive, with domestic brands primarily competing in the low-end market. The company aims to leverage its international presence and product quality to maintain a competitive edge [15][16]. Future Outlook - **Growth Projections**: The company anticipates strong growth in the consumer products segment, with cotton wipes expected to grow by 25% to 30% and sanitary napkins by over 50% in 2025 [18]. - **Net Profit Forecast**: The projected net profit for 2025 is 1.04 billion yuan, with continued growth expected in subsequent years [19]. - **Valuation**: The company's stock is currently valued at a PE ratio of approximately 30 times for 2025, which is considered reasonable given its diversified business model and strong product drivers [21]. Conclusion - **Investment Rating**: The company is viewed positively, with expectations of continued growth and a strong market position, leading to an optimistic outlook for future performance [22].

丨证券研究报告丨 [Table_Author] SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 公司研究丨点评报告丨洋河股份（002304.SZ） [Table_Title] 洋河股份 2024 年年报及 2025 年一季报点评： 延续去库存节奏，关注公司战略调整 报告要点 [Table_Summary] 公司 2024 年营业总收入 288.76 亿元（同比-12.83%）；归母净利润 66.73 亿元（同比-33.37%）。 公司 2024Q4 营业总收入 13.6 亿元（同比-52.17%）；归母净利润-19.05 亿元（同比扩亏）。公 司 2025Q1 营业总收入 110.66 亿元（同比-31.92%）；归母净利润 36.37 亿元（同比-39.93%）。 分析师及联系人 董思远 徐爽 朱梦兰 石智坤 伍爽 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 洋河股份（002304.SZ） cjzqdt1111 ...